2015 (6) TMI 1200

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..... preferred against the order of the Ld. CIT(A)-21, Mumbai dt. 11.3.2013 pertaining to assessment year 2009-10. 2. The assessee has raised two substantive grounds of appeal. At the very outset, the Ld. Counsel for the assessee stated that he is not pressing ground No. 1, the same is dismissed as not pressed. 3. In respect of the grievance raised vide ground No. 2, the Ld. Counsel for the assesse .....

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..... nsidered by the Tribunal Special Bench Bangalore in the case of Biocon (supra) has held that ESOP expenses is an allowable deduction u/s. 37(1) of the Act. The same view was followed by ITAT Pune Bench in the case of Sandvik Asia (supra). Respectfully following the decision of the Co ordinate Benches, we set aside the order of the Ld. CIT(A) and direct the AO to allow the ESOP expenses as revenue .....

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